Current Board Member and Former CEO of NatureWorks to Lead Company While Board Continues Search Process for Permanent CEO
Company Provides Preliminary Third Quarter 2024 PHA Results
Danimer Scientific, Inc. (NYSE:DNMR) ("Danimer" or the "Company"), a leading, next-generation biotechnology company focused on the production of biodegradable materials, today announced that Richard Altice, a current Danimer director and former President and Chief Executive Officer of NatureWorks, has been named Interim Chief Executive Officer, effective immediately. Mr. Altice succeeds Stephen Croskrey, who previously announced his intention to retire after more than eight years as CEO. In addition to his ongoing role as a director, Mr. Croskrey has agreed to serve as a Special Advisor until the end of the year to further support this transition. Richard Hendrix will continue to lead the Board as Chairman.
Third Quarter Preliminary PHA Results
The Company provided preliminary third quarter 2024 financial results for its PHA business. Third quarter PHA revenue of $6.7 million increased by $0.8 million compared to the second quarter of 2024 driven by overall growth in the legacy business and shipments made in support of the previously disclosed 20-million-pound cutlery award in the quick service restaurant sector.
The Company maintains its forecast that annualized PHA revenues will more than triple by the end of the second quarter of 2025, based solely on demand from existing customer relationships and their indicated volumes, including the aforementioned cutlery award, which remains on track.
The Company will release its third quarter 2024 financial results after the market closes on November 14, 2024. A webcast and conference call will be held that same day at 4:30 p.m. Eastern Time to review the Company's third quarter results, discuss recent events and conduct a question-and-answer session.
